Institutional development of financial reporting in small and medium-sized enterprises with international standards

Bratsev Valeriy Ivanovich, Canibek Ahmet

The relevance of the article is due to the fact that the transition of Russia to international financial reporting standards (IFRS) is a requirement of time, the formation of a market economic system and is due to the desire of the state to enter the global economic space, and one of the key areas of this process is the introduction of these standards into the accounting system of small and medium-sized enterprises, which are the largest group of business entities in the national economy. The article conducted a study of the preparation of financial statements by domestic small and medium enterprises. The necessity and prerequisites for bringing the national accounting and reporting system in line with international standards have been determined. The problems and prospects of application of IFRS by Russian enterprises are considered. The proposed model of the formation of favorable conditions for the transition and active use of IFRS based on an institutional basis

Keywords:international standards, accounting system, national legislation, institutional framework